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Informist, Monday, Aug. 18, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India Monday, despite positive cues from the COMEX, because of a rise in the rupee against the dollar. On the COMEX, gold traded in the green as market participants' attention turned to the meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy, analysts said. 

 

At 1803 IST, the most-active December GOLD contract on the COMEX was 0.3% higher at $3,392.2 per ounce. The most-active October gold contract on the MCX was steady at INR 99,783 per 10 grams.

 

On the MCX, gold prices pared the day's gains and were steady because of a sharp rise in the rupee against the dollar. The rupee ended at 87.3500, a near three-week high against the dollar Monday. When the rupee appreciates against the dollar, prices of gold in the domestic market adjust as the precious metal is priced in rupees.

 

Rising bets of an interest rate cut by the US Federal Open Market Committee at its meeting in September is supporting gold prices. Consumer prices in the US increased 2.7% on year in July, while core CPI rose 3.1%. Consensus estimates from The Wall Street Journal had indicated inflation would rise to 2.8% on year in July. Lower interest rates make the non-interest-bearing precious metal more attractive to investors.

 

"Alongside geopolitical drivers, market participants are also awaiting remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium and the release of minutes from the Fed's latest policy meeting, with growing anticipation of an interest rate cut in September supporting bullion's outlook," Kotak Securities said in a report.

 

SILVER contracts rose on the MCX and the COMEX. At 1821 IST, the most-active September silver contract on the MCX was 0.3% higher at INR 114,226 per kg. The same-month contract on the COMEX was up 0.9% at $38.33 per ounce.

 

Outlook for rest of the session:

--MCX gold seen at INR 98,657–INR 100,949 per 10 grams

--COMEX gold seen at $3,370.0–$3,420.0 an ounce

--MCX silver seen at INR 111,916-INR 116,148 per kg

--COMEX silver seen at $37.90-$38.60 an ounce

End

 

US$1 = INR 87.35

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Akul Nishant Akhoury

 

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